Barrick Gold Corporation GOLD shares are trading higher Friday, and the stock has gained more than 7% over the past five days.
Record-High Gold Prices Drive Barrick Gold’s Growth:
The gold miner’s stock continues to climb as the price of gold set a record high Friday at $2,330.50 per ounce. This surge in gold prices is a positive indicator for Barrick Gold’s profitability and potential for growth in the future.
According to Barrick’s 2024 Information Circular, the company is prepared to use its operational cash flows to fund existing and new organic growth projects. This strategic approach indicates Barrick Gold’s commitment to sustainable expansion and development within the industry.
“Barrick’s footprint is being expanded and currently comprises mines, projects, and exploration programs in 18 countries across four continents, covering the main prospective regions for gold and copper,” said Barrick’s chairman John Thornton. This global presence positions Barrick Gold as a key player in the mining sector, with strategic investments in regions rich in mineral resources.
According to a report from Gestion, Barrick has submitted a request for a 400-hectare concession in Puno, Peru, where it conducted exploration activities two years ago. Expanding its operations in Peru showcases Barrick Gold’s focus on diversifying its geographic presence for long-term sustainability.
Barrick Gold shares are moving on above-average trading volume Friday with more than 30.4 million shares traded in the session. The high trading volume indicates increased investor interest in the company’s stock, possibly fueled by positive market sentiment and potential growth opportunities in the mining sector.
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How To Buy GOLD Stock:
By now you’re likely curious about how to participate in the market for Barrick Gold – be it to purchase shares, or even attempt to bet against the company. Investing in Barrick Gold stock can be a strategic move for investors looking to capitalize on the company’s growth potential amidst record-high gold prices.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,’ which allows you to own portions of stock without buying an entire share, making investing in Barrick Gold more accessible to a broader range of investors.
If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to ‘go short’ a share of stock by lending you the shares to sell. Understanding the options available for trading Barrick Gold stock can provide investors with diverse strategies to manage their investment portfolios efficiently.
GOLD Price Action: According to Benzinga Pro, Barrick Gold shares are up 2.73% at $17.87 at the time of publication Friday. Monitoring GOLD’s price action can offer valuable insights for investors looking to make informed decisions regarding their investment in Barrick Gold.
Image: Hans from Pixabay
